Weavr, a London-based startup that allows businesses to embed banking and payments into their mobile app or SaaS platforms, has closed a £7 million seed funding round.
The round - an extension of a £3 million seed capital raise late last year - was led by Headline with participation from Seedcamp, Anthemis, and QED Investors.
Weavr offers a set of APIs that make it simple for service sector companies to integrate with banking products and generate accounts, issue cards, or transfer funds. Since its inception in 2019, the firm has signed up clients from a host of industries such as health and wellness, education, real estate, and future of work.
Alex Mifsud, CEO, Weavr, says: "As the world begins to look beyond the COVID-19 crisis and the possibilities stemming from lasting changes in consumer and business behaviour, embedded banking offers extraordinary potential for the future of work, the move away from cash, and the integration of financial services into all manners of digital businesses."